Fact or Fiction! NEW PROPERTY SALES TAX (Hidden INSIDE NEW HEALTHCARE BILL)

I have seen several emails from friends come across my desk about a new property sales tax to be imposed as a part of Obama's health care bill.  I couldn't believe what I was reading so I decided to check it out for myself.

True or False:  There is a new 3.8% sales tax to be charged on all home sales.  If you sell a $500,000 home, this tax will equate to $19,000.

THIS IS FALSE!

HOWEVER, THERE IS A NEW TAX BEING IMPOSED...   it is more along the lines of a "capital gains" tax.

This investment sales tax of 3.8% will be implemented starting January 2013 and it will effect a small percentage of home sellers. This is how it will work:

• Single tax payers earning more than $200,000 will pay a 3.8% property sales tax on "profits" over $250,000.
• Joint tax payers earning more than $250,000 combined will pay a 3.8% sales tax on "profits over $500,000.

In essence, this is more of a "capital gains tax" than a sales tax.  If you sell a house for $600,000 which you originally purchased for $200,000, you are making a $400,000 profit. If you are single and earn more than $200,000 per year in salary, then you will pay the following tax:

If you make the $400,000 profit, you will only pay after the first $250,000 profits.  Taxes will be paid on $150,000 of the profit which was $400,000 minus $250,000. New Tax = 3.8% of $150,000, which equals $5,700.

In this same scenario, let's say you are a couple filing jointly and earning more than $250,000 combined.  In this case, your tax would be zero.  This is because taxes would only be paid after $500,000 of profits.

Please feel free to pass this info along. Let's help clean up the rumors.

Lisa

Beautiful and Exquisite Home in Cartagena de Indias in Colombia

It is with great pleasure that I present a beautiful and historic property by the famous old walled city in Cartagena, Colombia.  Cartagena is located on the Northern Caribbean coast of Colombia. It is a top tourist destination for the country, and is frequented by both Americans and European tourists. 

The original structure is believed to be originally built in the Colonial Period, and it does have new walls and modern updates by a well known Colombian architect, Alberto Samudio.  The property currently has 6 bedrooms, 3 full bathrooms and has 2,690 square feet (250 Square Meters), and is available for sale or for partial investment for conversion to a boutique hotel. 
Contact me for more details about this unique opportunity.

Below are random pictures from Cartagena. 

 In 1984, Cartagena's old walled city was designated as a UNESCO World Heritage Site.



WHAT THE BANKS DON'T WANT YOU TO KNOW - How to pay off your mortgage while saving THOUSANDS OF $$$

On this Wednesday October 20th at 7 p.m., my friend Art Jansik will be sharing a technique on how to pay off your mortgage in a way that saves thousands of dollars. This method is not simply adding extra money to your monthly payment.  By following Art's teaching, you will learn how to out-smart the bank and drastically cut down the interest portion of your loan.

Several years ago, Art set a goal to become "debt free" before the age of 60.  With this method, he paid off 2 mortgages, and way before his goal date!  Even if you have a goal to become "less in debt", learning this may be the first step.

The meeting will take place at the Prince Annex (Senior Center) located in Miami Springs which is located just north of the Miami International Airport at 343 Payne Drive, Miami Springs, FL. 33166.  I suggest mapping the address before driving.  For more information, Art may be contacted at 305-884-5433.   If you are interested in selling your property, please contact me to find out what your property is worth.